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moorookamick

22,588 Posts.

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11/03/20

11:07

Post #: 43422583
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Originally posted by moorookamick: ↑

I wrote to ASIC last October re the process of the appointment of Mr Silver as director of CLI and the ASX subsequent placing of CLI on its watchlist and I was informed that ASIC did not intend to take any action on the matter then.

Of course the issue now is CLI's tardy announcements contrary to ASX listing requirements which may have allowed insider shareholders to sell down shares to the determent of other shareholders.

The CLI announcements of the 21st Oct & the 28th October could be construed as misleading, IMO, because they led the market to believe that the harvest was OK and that the DL contract had commenced as previously announced. The contract never commenced because the sample bag of biomass did not meet contractural requirements and CLI ought to have known this at the time.

All IMO only and shareholders should consult an expert in this field beforing taking any action on the matter.

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PS
In order for the the contract to commence CLI would have had to supply the good, DL would have to accepted the supply and agreeto pay for it as per the contract. This did not happen.

CLI Price at posting: 3.1¢ Sentiment: None Disclosure: Held
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